The huge negative gamma positions are all expiring today, and the future long and short directions need to be reshuffled.

From the data, the overall implied volatility (iv) of ETH is rising, reflecting traders' bullish sentiment for the future.

Once volatility rises again, if 5000 serves as the watershed, selling at 5000 and buying at 6000 for protection can allow for a short volatility position in the long term in June.

Recently, 4000 remains a significant threshold.

For those optimistic about a short-term upward impact, selling puts can be an option. If it drops below, it can be exercised.

It requires a bit of faith.